Reserve Studies


What They Do And Don’t Include


By Karen McDonald, CMCA, AMS, PCAM, RS


The recent condo collapse tragedy in Surfside, Florida has left many associations  hopefully, taking action to address any immediate needs present at their association.


W


hile the building collapse at the Champlain Towers is an extreme and highly unusual example of a


worst-case scenario, it is widely known that many associations are not properly funding their reserves and/or are deferring the maintenance needs of their common areas. The situation has also brought to the forefront the importance of funding reserves as well as when to call in outside experts. Here are some best practices your community can follow to both catch up on deferred maintenance needs and prevent them from occurring in the future, when and who to call for additional help, as well as a brief overview of what a reserve study site visit is and isn’t.


26 Community Associations Journal | October 2021 Follow Your Reserve


Study Recommendations With few exceptions, homeowner, and condominium  required to perform or update a reserve study annually, with a site visit performed by a reserve study professional  tool to get the association in the rough time frame and cost 


It is the association’s responsibility to further  down the exact time frame, scope, and cost.


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